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Question 9 of 20
A person earns $40,000 per year. She deducts $2,000 for charitable
donations. She also receives a $3,000 tax credit.
How much taxable income does the person have?
A. $37,000
B. $38,000
C. $43,000
D. $40,000
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Respuesta :

chilljain33

The net amount of taxable income for a person who earns $40,000 per year and deducts $2,000 for charitable donations will be $38,000.

What is taxable income?

The amount of income on which the payment of taxes is to be made to the federal or other such authorities for the time being in force, is known as taxable income.

Certain deductions are allowed in total income to compute the liability of the net taxable income. As per the given conditions, a deduction of $2000 can be claimed by the person on her total income of $40000.

Hence, option B holds true regarding the taxable income.

Learn more about taxable income here:

https://brainly.com/question/17961582

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